Useful Facts Without Opinions: Brisbane’s rental market
The latest stats are out on our rental market. The Residential Tenancies Authority records the rent when a new bond is lodged and each quarter we sit down to analyse the results and get a handle on emerging trends. Here’s the numbers for the March quarter released last week:
– Across Brisbane median weekly rent for a 2 bed apartment rose $10 to $410 – good for landlords, but only a return to the median rent we had in March 2015
– Inner-city suburbs dropped $5 to $485/week. This sum was first reached in late 2012.
– Rents dropped across inner-Brisbane suburbs (with New Farm/Teneriffe the only exception); the biggest drop was $40/week in the CBD/Spring Hill
– We track 2 bed apartments as our ‘headline’ stats due to their dominance in the rental market: but for comparison Brisbane’s 3 bed houses rose $15/week to $435
– By law all bonds held for a rental home must be lodged with the RTA, so their full count can provide interesting info: e.g. Our inner-city (just 21 suburbs) is home to 24% of Brisbane’s rental pool, with 35,806 rented dwellings
– This inner-city rental supply rose by just 172 dwellings (0.5%) in the March quarter – despite big growth in the number of rental homes in areas like South Brisbane and the Valley, St Lucia and Toowong for example now have less rental homes than they did 2 years ago
Please share your comments on Brisbane’s rental market!